January 19, 2024
Activism: 2023 Highlights
Lazard recently released its annual report on shareholder activism for 2023. Here are some of the highlights:
– There were 252 new campaigns globally in 2023, representing a 7% increase YoY and the busiest year on record. North America activity pulled back slightly after the robust 2022 post-COVID surge of new campaigns.
– 2023 saw a record number of activists launching campaigns (183), a 21% YoY increase from 2022 and well above the five-year average of 141. A record 77 first timers initiated campaigns in 2023 vs. 55 first timers in 2022 and above the five-year average of 44.
– Europe drove the increase in “first-timer” activity with 31 new activists launching campaigns (more than double the number in 2022), and North America and APAC “first-timers” also contributing 35 (up 6% Y-o-Y) and 8 (down 20% Y-o-Y) new names to the list of agitators, respectively.
– Consistent with the slowdown in campaign activity in North America, the number of Board seats won (88 seats) was down 12% relative to the five-year average.
– John Jenkins